In this episode of Tax Yak, host George Housakos sits down with Nicholas Giasoumi, a highly respected Director at Dye & Co., chartered accountant, registered liquidator, and trustee in bankruptcy. This marks the start of a powerful three-part series where Nicholas brings decades of experience to help you understand crucial aspects of debt enforcement and insolvency.

Host: George Housakos, Senior Tax Trainer, TaxBanter
Guest: Nicholas Giasoumi, Director at Dye & Co

Part 1: Responding to ATO Enforcement Notices: Tricks, Traps, and Time Bombs

Dive into the best practices for handling ATO-issued Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.

Part 2: Bankruptcy Essentials & Small Business Restructures (coming soon)

Wondering if bankruptcy could affect your assets? Or whether your business is eligible for restructuring in 2024? Nicholas breaks it down, tackling tough questions every business owner should consider.

Part 3: Navigating Small Business Restructures in 2024 (coming soon)

This final episode in the series covers the nuances of restructuring for small businesses, helping you determine if this path suits your financial needs.

Nicholas, who began his career in insolvency in 1990, offers a wealth of knowledge from his experience across the building, manufacturing, retail, and service sectors. Known for his negotiation skills and strategic guidance, Nicholas is highly sought after for personal and corporate insolvency matters alike. As an added benefit to Tax Yak listeners, Nicholas is offering a free 1-hour consultation to any Tax or BAS Agent referring a case to Dye & Co.

Tune in to gain practical insights for navigating ATO debt issues effectively, with special tips on handling Director Penalty Notices, Statutory Demands, Garnishee Notices, and Credit Report Bureau Notifications.

Listen to Part 1
Responding to ATO Enforcement Notices: Tricks, Traps, and Time Bombs

In this 2 part episode series of Tax Yak, George Housakos yaks with Vincent Licciardi on two very hot issues for the new financial year of 2024/25: The new tax agent breach reporting regime and the new Code of professional conduct determination.

Host: George Housakos | Senior Tax Trainer, TaxBanter
Guest: Vincent Licciardi | Partner, HWL Ebsworth

This episode, they focus on the new Legislative Instrument registered on 2 July 2024 titled Tax Agent Services (Code of Professional Conduct) Determination 2024 (for registered tax agents and BAS agents), which took effect from 1 August 2024 – although transitional rules have been announced which will give practitioners an extension until next year provided ‘genuine steps’ towards compliance have been made. Registered tax practitioners need to pay immediate attention to the Instrument, as it introduces new obligations under the Code administered by the TPB and action should be taken now to show that ‘genuine steps’ toward compliance have been made.

New Code obligations include:

• Notifying current and prospective clients about any matter that could significantly influence their decision to engage you as their registered tax practitioner
• The requirement for you as the tax practitioner to take corrective action in relation to a false, incorrect or misleading statement to take all necessary corrective steps:
  • where the tax practitioner made the statement – to correct the statement; or
  • where the tax practitioner prepared the statement – to advise the maker of the statement that it should be corrected;
  • where the tax practitioner prepared the statement and the maker of the statement does not correct the statement within a reasonable time – notify the TPB or ATO.
• Other additional obligations include:
  • Keeping of proper client records
  • Ensuring tax agent services provided on your behalf are provided competently
  • Quality management systems

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Want to get maximum understanding of the recent reforms and planned changes? Join us on 30 August for our comprehensive webinar tax practitioner breach reporting and beyond!

In this 2 part episode series of Tax Yak, George Housakos yaks with Vincent Licciardi on two very hot issues for the new financial year of 2024/25: The new tax agent breach reporting regime and new Code of Conduct of professional conduct determination.

Host: George Housakos | Senior Tax Trainer, TaxBanter
Guest: Vincent Licciardi | Partner, HWL Ebsworth

This episode, we will focus on the new tax agent breach reporting regime, whereby the TPB has provided guidance material pursuant to TPB (I) D53/2024 (which came into effect on 1 July 2024, whereby tax practitioners (which includes Tax and BAS agents) gain an understanding of the updated breach reporting obligations under section 30-35 and 30-40 of the Tax Agents Services Act (TASA) 2009.

These obligations require registered tax practitioners to mandatorily report on two matters:

• ‘Significant breaches’ of the Code of Professional Conduct in the TASA relating to their own conduct to the Tax Practitioners Board (TPB); &
• ‘Significant breaches’ of the Code of Professional Conduct by other tax practitioners in the TASA to the TPB and the recognised professional association of that tax practitioner.

Want to get maximum understanding of the recent reforms and planned changes? Join us on 30 August for our comprehensive webinar tax practitioner breach reporting and beyond!

In this episode of Tax Yak, our host Tristan Webb chats with Christopher Ryan at the Australian Taxation Office, about the ATO’s recently finalised guidance on section 100A.

Host: Tristan Webb | Tristan on LinkedIn >

Guest: Christopher Ryan, Assistant Commissioner, Engagement and Assurance Services, Private Wealth Business Line, ATO

Want to get your Section 100A understanding to the next level?

Get our recording of our presentation Section 100A: Where are we now? 

Register for the recording >